Author Question: During the current year, Ivan begins construction of an office building and a hotel. He incurs ... (Read 98 times)

Collmarie · **on:** Sep 13, 2020

During the current year, Ivan begins construction of an office building and a hotel. He incurs $10,000 in property taxes during the construction of the office building and $15,000 for the hotel. Which of the following statements is true of the property taxes during the construction period?
◦ Ivan must capitalize the property taxes on both properties each year if an election is made.
◦ Ivan must deduct the property taxes on both properties each year.
◦ Ivan may elect to capitalize the property taxes on one of the properties while deducting the property taxes on the other for each year.
◦ Ivan may elect to capitalize the property taxes for the properties in one year and then deduct the property taxes on the properties the next year.

Chocorrol77 · **Reply #1 on:** Sep 13, 2020

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